The Use of the European Union Funds for Improvement in Innovation of Metalworking Sector Companies

Abstract :

The use of the European Union (EU) funds is an important part of development of innovative technologies of the engineering industry, including the metalworking sector. There is a strict connection between raising EU funds and the possibilities of purchasing modern technological infrastructure which is applied to optimize and improve production processes. An important constituent affecting the possibility of acquiring the EU funds is an overall innovative approach of enterprises to creating research and development (R&D) departments in which the purchased equipment influences the verification and improvement in the quality of manufactured goods and an increase in competitiveness of enterprises both in the domestic and international markets. The main objective of the manuscript?is the analysis of the results of theoretical and empirical research concerning the innovative approach of the metalworking sector and the possibilities of its improvement with the support of the EU Structural Funds. The research problem refers to the analysis of ?metalworking sector innovation level on the example of R&D department support of the company from aforementioned sector. The paper presents a case study of process innovation application in the production process of large size aluminium high-pressure casting dies using a spotting press, which allows improving the quality of the product and highly reduces its production time. The innovation was financed as part of the European Union's financial perspective program for 2014-2020. The methodology of theoretical and empirical research includes a statistical method and case analysis.